cost to move SSAP to new Trustee

T

trackdaychamp

Registered User
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My current trustees charge just over €3,000 (including vat) per annum to manage my SSAP which is currently valued at slightly over €500,000 to include 1 property, €200k in funds and smaller amount in cash. I have come across a trustee that costs about 30% less. I then contacted my current trustee to ask about process if I do decide to leave. They replied stating that they will charge me just under 1 years fees to leave now. I realise there would be some administration time/cost for them if I do leave but I'd really appreciate thoughts on the above scenario and specifically the following:

1- What actual tasks/admin would my current Trustees have to carry out if I do leave?
2- Are they allowed to charge me any amount or are they obliged to show me a clause from a contract we signed previously that agrees exit fees?
3- I have found other posts on here stating fees for SSAP €900+vat per annum. How do I find these guys?

Thanks in advance
 
1 - They have to wind up the scheme and transfer the assets to the new provider. This involves a bit of admin between them and the new provider. They also have to report to revenue and the PB, close down the scheme and all associated assets. There is quiet a bit of work to do. Please note since you have a property in the scheme your solicitor will have to reconvey the property to the new trustee which will result in legal fees.

2 -Presumably they will just charge the management fee due from last fee date to time of you leaving? The trust deed may allow for separate fees on transfer.
3- You will be doing well to get a SASS for 900 per annum if there is a property asset within the scheme.
 
elacsaplau said:
I'd be absolutely amazed if the SSAS had to be wound up. Are you sure of this?
Click to expand...


No it isn't. A new trustee is appointed. There is a fair bit of work involved with accounts etc but the assets don't have to be sold.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
While not a requirement most new trustees don’t want to take over the old scheme and the potential issues that could go with it so they set up a clean new scheme. This results in the old scheme been closed once the assets have moved to the new scheme.

You could just replace the trustees as mentioned above but this generally doesn’t happen in practice.
 
Fergal19 said:
While not a requirement most new trustees don’t want to take over the old scheme and the potential issues that could go with it so they set up a clean new scheme. This results in the old scheme been closed once the assets have moved to the new scheme.

You could just replace the trustees as mentioned above but this generally doesn’t happen in practice.
Click to expand...

I think the confusion is that the assets aren't actually sold, they are transferred across to the new SSAS which holds them with the new trustee.
 
Thanks Steven and all other posters. Does anyone with experience have an opinion on whether the work required in my exit from trustees warrants 8 months worth of fees or about €2,000? I don't know what they actually have to do with accounts etc so I'd like a better understanding before I have a decision making discussion with my existing trustees
 
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